Artificial intelligence chip maker Celebras System said on Friday it was withdrawing its IPO plans a few days after it announced it had raised more than $1 billion in its funding round.
In submission to the SEC, Celebras said he had no intention of implementing the proposed offer “at this time” but did not provide a reason. A spokesman told CNBC on Friday that the company still wants to make it public as soon as possible.
I applied for an IPO over a year ago. nvidia Efforts to create processors to run the generated AI models. The submission revealed a large dependency on a single client in the United Arab Emirates. Microsoft-Backed G42. This is also a Celebras investor.
In the prospectus, Celebras said it voluntarily notified the US Foreign Investment Commission of the sale of its shares to the G42. In March, the company announced that the committee had provided clearance.
Since its first submission published on Nasdaq, Cerebras has shifted its focus to providing cloud services to models using the chip below to provide cloud services to accept incoming queries.
The announced withdrawal comes three days to the closure of the US government, a left-handed institution like the SEC, which operates with a small number of staff. In its shutdown plan, released in August, the SEC said that electronic systems Edgar “will remain fully functional as long as funding to contractors remains available through permitted means, as long as it is operated under the contract.
On Tuesday, Cerebras said it raised $1.1 billion at a valuation of $8.1 billion in its personal funding round. At the time, CEO Andrew Feldman said he still wanted to make it public rather than continue to raise venture capital.
“I don’t think this is a sign of preference for either of them,” he told CNBC in an interview. “I think there are a huge opportunity right in front of us, and I think it’s a good habit when you have a huge opportunity so that you don’t bring them down on the roadside due to a lack of capital.”
Feldman thought the original prospectus from last year was outdated and particularly took into account the development of AI, a spokesman said Friday.
Well heel technology companies are quickly signing up for additional infrastructure to handle demand. on tuesday coreweavesaid it signed a $14.2 billion contract to rent Nvidia chips through a cloud service. Meta. ChatGpt operator Openai said last week that he had pledged to spend $300 billion on cloud services. Oracle.
The government shutdown did not take into account the cerebral decision, the spokesman said.
Watch: Interview with Andrew Feldman, CEO of Celebras
